Dublin, May 17, 2023 (GLOBE NEWSWIRE) -- The "Smart Labels Market By Product Type, By Application, By End User: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global smart labels market was valued at $9 billion in 2021, and is projected to reach $39.2 billion by 2031, growing at a CAGR of 15.8% from 2022 to 2031.
Key Market Players
- Zebra Technologies Corp.
- Thin Film Technology
- SATO Holdings
- AVERY DENNISON CORPORATION
- Meuhlbauer Holdings AG & Co.
- Graphic Label, Inc.
- Alien Technology
- Invengo Information Technology Co., Ltd.
- advantech
- CGL Industries Inc.
Smart labels are tags that can be printed or attached onto the packaging material to provide useful information about the product. In addition, smart labels make use of printed paper, plastic, or fabric labels upgraded with special intelligent inlay technology that can digitally capture and communicate more information than is printed on the physical label. It includes QR codes, barcode tags, and Radio Frequency Identification (RFID) tags.
The smart labels has gained traction in the packaging industry, owing to growth in the demand for product information through smart devices. These labels act as an innovative transparent label associated with digital technology and smart devices that enable consumers to access detailed information about their products.
The growth in the global smart labels industry is expected to enable consumers to gain enhanced information visibility on the purchased products. Increase in demand for effective anti-theft devices, owing to security concern of the enterprises contribute to the significant rise in the demand for the global smart labels industry.
In addition, smart labels act as an innovative transparent label that can be associated with digital technology and smart devices, which are effective in enabling consumers to gain enhanced information visibility on the purchased products. Moreover, growth in demand for anti-theft devices because of the terms and conditions of the enterprises for security purposes contributes to the growth of the market.
The global smart labels market has witnessed an increase in adoption in the packaging industry, owing to the ability to provide detailed information to the customers about products with the use of digital technology and smart devices. In addition, the increase in demand for global smart labels market is driven by its ability to provide real-time visibility of the product and rise in demand for effective anti-theft devices, owing to security concerns.
Moreover, significant rise in consolidated industries and technological advancements associated with the use in various applications, such as healthcare, & pharmaceuticals, logistics, retail inventory, food & beverages, and others, have further boosted the growth of global smart labels market.
Thus, the features of smart labels including real-time location tracing, re-programmability, and simultaneous identification & detailed information are expected to fuel the demand for the global smart labels industry in various sectors during the forecast period. However, lack of uniformity in standardized guidelines for smart labels is one of the major challenges restraining the market growth.
Furthermore, the rise in consumer access toward smartphones is growing the adoption of the market. The significant growth seen for the consolidated industries along with the technological advancements associated with the use of smart labels in various industries such as food & beverage, retail, logistics, healthcare, and pharmaceuticals contributes towards the growth of the market.
However, lack of uniformity in standardized guidelines for smart labels is limiting the growth of the market. In addition, during the outbreak of the COVID-19 pandemic, construction, manufacturing, hotel, and tourism industries were majorly affected. Manufacturing activities were halted or restricted.
This led to a decline in the manufacturing of various equipment as well as their demand in the market, thereby restraining the growth of the market. Conversely, industries are gradually resuming their regular manufacturing and services. This is expected to lead to re-initiation of companies at their full-scale capacities, that helped the market to recover by the end of 2021.
Rapid surge in population and rapid urbanization have led to the growth of various industries such as retail, food & beverage, healthcare & pharmaceuticals, and others to meet the consumers' increasing demands. These industries have various applications of smart labels, such as packaging, printing, and labels, which thereby fuels the growth and is expected to offer lucrative opportunities for the global smart labels market..
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the smart labels market analysis from 2021 to 2031 to identify the prevailing smart labels market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's Five Forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the smart labels market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global smart labels market trends, key players, market segments, application areas, and market growth Strategies.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 202 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $9 billion |
| Forecasted Market Value (USD) by 2031 | $39.2 billion |
| Compound Annual Growth Rate | 15.9% |
| Regions Covered | Global |
Key Market Segments
By Product Type
- RFID
- Electronic Article Surveillance Label
- Sensing Label
- Dynamic Display Label
By Application
- Retail Inventory
- Perishable Goods
By End User
- Retail
- Healthcare
- Logistics
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
For more information about this report visit https://www.researchandmarkets.com/r/sf4kic
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